Dublin-Based Bookmaker Paddy Power Lowers Financial Forecast By $13.5M
Unfavorable sporting results "continue to weigh on Paddy Power," prompting the bookmaker to lower forecasts for operating profit on Tuesday, according to Roger Blitz of the FINANCIAL TIMES. The Dublin-based group, already feeling the effects of Andy Murray’s Wimbledon triumph and other results on its first-half performance, said that the bad run "continued with Champions League football and the Australian spring racing carnival." Concerns about poor sports results "forced Ladbrokes to issue a statement last week to say it was on track to meet forecasts." Paddy Power said gross win, the amount it retains after paying out on winnings, was €10M ($13.5M) below expectations (FT, 11/19).